MIRA INFORM REPORT

 

 

Report No. :

314703

Report Date :

01.04.2015

 

IDENTIFICATION DETAILS

 

Name :

SINHA DENIM LIMITED

 

 

Registered Office :

House #368, Road #28, New DOHS Mohakhali, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

24.07.2004

 

 

Com. Reg. No.:

C-53626

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Distributor and Exporter of Denim Fabrics.

 

 

No. of Employees :

520

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

 

Source : CIA

EXECUTIVE SUMMARY

 

 

                  IDENTIFICATION DETAILS

Correct company Name

:

Sinha Denim Limited

Head Office

:

House #368, Road #28, New DOHS Mohakhali, Dhaka-1212,Bangladesh

Tel No

:

88-02-9854531-7, 9863346, 9293334-7

Fax No

:

88-02-8828856-7

E-mail

:

info@opexgroup.com, opex@bdmail.com

Website

:

www.opexgroup.com

Date/ Year of Incorporation

:

24.07.2004

Incorporation No.

:

C-53626 

Legal Form (General)

:

 Public Listed Co     Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships  Partnership           Not Registered

 others (please specify) ________________

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

Issuing Authority

:

Registrar of Joint Stock Companies & Firms   City Corporation

 Municipal Administration                                   Union Council

 Cantonment Board                                             Chief Controller of  Import & Export (CCIE)

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

July’ 12~June’ 13

BDT 531 Million

BDT  1458.82Million

BDT  76.45Million

July’ 13~June’ 14

BDT 693 Million

BDT 1612.46 Million

BDT  46.18Million

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. Bakaul Alam

Designation

:

DGM ( Commercial)

Contract No

:

01713038228

 

Locations Details

Operating Address

:

House #368, Road # 28, New DOHS Mohakhali, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9854531-7, 9863346

Fax No

:

88-02-8828856-7

E-mail

:

info@opexgroup.com

opex@bdmail.com

Website

:

www.opexgroup.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

4500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

Retail shop

 

 

Industrial Park

 

Business Center

 

 

Home Office

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

Address

:

Kanchpur, Narayanganj, Sonargaon, Bangladesh.

Tel No

:

88-02-7648066, 7648055

Fax No

:

88-02-7648100

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

50,000

Sq. ft.

 

 

Corporate Address:

Address

:

82, Mohakhali, Mohakhali C/A, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8828860-4

Fax No

:

88-02-8013522

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

500

In Branch:

:

-

Total

:

520

Details:

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

 No. of Share

Sinha Rotor Spinning Ltd

5000

Sinha Fashions Ltd

2500

Sinha Kniting Ltd

2500

 

 

DIRECTORS

 

Name

Designation

Mr. Anisur Rahman Sinha

Managing Director

Mr. Arifur Rahman Sinha

Director

 

 

MANAGEMENT

 

Name

:

Mr. Sayed Towhid Hossain

Job Description

:

Administration officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Bakaul Alam

Job Description

:

DGM ( Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

01713038228

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Denim Fabrics.

Production Capacity

:

8, 00, 000 meters per day.

Last Year Production

:

Do.

 

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Wal-Mart

Target

Jc Penny

H & M

Kappa

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

USA, Europe

 

Imports

:

China, India.

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Textile Mills Association.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT  50 Million

 

Paid-up Capital

:

BDT  10, 00,000

No. of Shares

:

10, 000

Share Value

:

BDT 100.00Each

Main Assets

:

BDT 1612.46 Million

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update full financial figure to local registry office.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Opex C & F Ltd

Sinha Fabrics Ltd.

Opex Swaters Ltd.

Opex Stylewear Ltd.

Sinha Apparels Ltd.

Sinha Designers Ltd.

Opex Industries Ltd.

Opex Apparels Ltd.

Opex Designers Ltd.

Opex Garments Ltd.

Sinha Denimwear Ltd.

Opex Readywears Ltd.

Opex Fashions Limited.

Opex Washing Plants Ltd.

Opex Style Wear Limited.

Sinha Style Wears Limited.

Sinha Rotor Spinning Limited.

Opex Apparels Accessories Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Opex Group.

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank.

Bank Address

:

Gulshan Branch.

Gulshan Head office Branch,

67 Gulshan Avenue, Dhaka, Bangladesh.

 

 

Bank Name  

:

One Bank Limited.                                                                                   

Bank Address

:

Principal Branch

45, Dilkusha C/A, Dhaka

E-mail: oblpb@onebankbd.com

Mobile:  01711-403928

Fax: 88-02-9561960

Phone:  88-02-9564249

 

 

Bank Name  

:

Arab Bangladesh Bank Ltd.                                                                                  

Bank Address

:

Motijheel Branch,

BSB Building, 08, DIT Avenue, Dhaka

Tel: 88-02-9563011-5, 9556077, 9555586

Fax: 88-02 9556077

E-mail: motimg@abbank.com.bd

 

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks            

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our representative visited the subject company Head Office which is situated at House #368, Road # 28, New DOHS Mohakhali, Dhaka-1212, Bangladesh. It is situated at Residential area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer & Exporter. It is reputed company in this line of business.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.